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GRAINS-Wheat falls as USDA confirms improvement in crop condition
April 9, 2013 / 12:47 AM / 5 years ago

GRAINS-Wheat falls as USDA confirms improvement in crop condition

SYDNEY, April 9 (Reuters) - U.S. wheat fell on Tuesday,
edging lower after the U.S. Department of Agriculture confirmed
an improvement in the condition of crops last week, easing fears
that unfavorable weather could check yields.
    * Chicago Board of Trade May wheat eased 0.18 percent
to $7.11-3/4 a bushel, having closed up 1.93 percent on Monday. 
    * May soybeans were little changed at $13.78-1/2 a
bushel, after firming 1.27 percent on Monday.
    * May corn climbed 0.46 percent to $6.36-1/2 a bushel,
having gained 0.72 percent the session before.
    * U.S. winter wheat condition ratings improved in the latest
week but hovered at the lowest level for this time of year since
2002, the USDA's weekly crop progress report showed.
    * USDA said 36 percent of the U.S. winter wheat crop was
rated in good to excellent condition, up from 34 percent a week
    * China bought 14 to 16 cargoes of U.S. wheat on Thursday
for delivery from June to December, the China National Grain and
Oils Information Center, an official think tank, said on Monday.
The announcement confirmed rumors that supported wheat prices
last week. 
    * Corn prices were bolstered as wet weather in key growing
areas across the U.S. Midwest threatened to delay the start of
planting this week in places such as Illinois and Iowa.
    * The USDA released no national estimate of corn planting
progress, but said it expected to do so next week. State reports
indicated that corn planting is well under way in the South but
that soil is still too cold in the heart of the Corn Belt,
including most of Iowa and Illinois.
    * The grains trade is now building up to Wednesday's monthly
supply-and-demand estimates from the USDA, with attention
focused on how ending stocks projections will reflect the
bigger-than-anticipated quarterly stocks numbers issued at the
end of March. 
    * The yen pushed deeper into multi-year lows versus the
dollar and euro on Tuesday as the market saw every reason to
sell the currency with the Japanese central bank on a warpath to
battle deflation.  
    * Oil prices edged higher on Monday, lifted by gains in
gasoline futures and strong selling of the spread between Brent
crude and U.S. crude.  

0130  China     CPI                             
0130  China     PPI                             
0600  Germany   Trade data                     
0645  France    Trade data                     
1130  U.S.      NFIB business optimism index    
1145  U.S.      ICSC weekly chain store sales  
2030  U.S.      API weekly crude stocks        
  Grains prices at  0021 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     711.25    -1.25  -0.18%    +1.75%     708.82   55
  CBOT corn      636.50     3.00  +0.47%    +1.19%     694.89   23
  CBOT soy      1378.50     0.50  +0.04%    +1.23%    1429.50   37
  CBOT rice      $15.58    $0.00  +0.00%    +0.55%     $15.26   63
  WTI crude      $93.45    $0.09  +0.10%    +0.81%     $93.27   43
  Euro/dlr       $1.306   $0.006  +0.44%    +0.58%
  USD/AUD         1.042    0.002  +0.16%    +0.48%
  Most active contracts
  Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
  RSI 14, exponential
 (Reporting by Colin Packham; Editing by Joseph Radford)

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